Updated Sept. 29
Lambert’s Cove Inn is back on the market, for $6.9 million, according to owners John and Keya Cain.
The Cains purchased the property in April 2018 for $5.5 million. Following their purchase, the couple put nearly $1 million of renovations into the property.
In an email statement to The Times, Keya Cain said the couple decided to put the inn on the market to focus on other business ventures.
“John had just sold his ownership in a financial technology company he founded, and had always dreamed of owning a boutique hotel in New England. Keya soon bought into the vision after seeing the iconic property, which even in the dead of winter shone with potential. After spending over $1 million in renovations and improvements, the Cains’ dream of a modern farmhouse retreat has come to fruition,” Cain said in part.
“The plan was to own the inn for years to come, but when John’s new restaurant technology startup began picking up steam rapidly, it became clear that the inn was ready for new ownership that could provide the attention the property deserves. The Cains hope to find buyers for the inn who will continue its storied legacy.”
The inn, portions of which date to 1790, sits on nearly eight acres of spacious lawns, gardens, forest, and farm. It features 15 guest rooms and an onsite restaurant.
“A premier, recently renovated 15-bedroom luxury boutique hotel and awardwinning 70-seat restaurant,” a listing from Rebecca Conroy of Conroy & Company Real Estate reads. “Just under eight acres of sprawling grounds, including beautiful gardens, salt mineral pool and spa, tennis court, and spacious two-bedroom, two-bathroom owners/employee apartment. Access to one of the Island’s nicest private beaches and 50-spot parking lot. This is an excellent opportunity for a hotel operator or restaurateur to expand their portfolio to include a Martha’s Vineyard resort property. With a thriving existing wedding and banquet business, repeat clientele and rising room rates, this property could be a lucrative destination resort with worldwide appeal.”
Updated to name of listing agent. — Ed.
This actually seems like a steal. The price would barely cover the land and if I was younger I would jump on this property. I hope and pray a developer doesn’t buy and chop up the property for several McMansion’s
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